TON Edges Higher to $1.64 as Consolidation Phase Continues
TL;DR
TON rose modestly to $1.64 but underperformed the broader crypto market ahead of the Fed decision. Weak volume and lack of buyer conviction kept it rangebound between $1.61-$1.69, with technicals suggesting a slow base-building phase.
Key Takeaways
- •TON gained 1.6% to $1.64 but underperformed the broader crypto market's 3% gain ahead of the Fed announcement.
- •Trading volume fell 6.91% below seven-day averages, indicating weak participation and lack of conviction among buyers.
- •TON remains rangebound between $1.61 support and $1.69 resistance despite brief attempts to break higher.
- •Technical indicators show higher lows forming, suggesting a slow base-building phase for the token.
- •Today's Fed announcement could significantly impact TON's price, with a hawkish tone potentially capping gains.
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What to know:
- Toncoin (TON) rose 1.6% in the past 24 hours, underperforming the wider cryptocurrency market which gained nearly 3% ahead of the US Federal Reserve interest rate decision.
- Trading volume was weak, falling 6.91% below seven-day averages, and buyers failed to sustain momentum above key levels, keeping TON rangebound between $1.61 and $1.69.
- Technical indicators suggest a slow base-building phase, but TON's price movement is likely to be influenced by today's Fed announcement, with a hawkish tone potentially capping gains.
- Toncoin (TON) rose 1.6% in the past 24 hours, underperforming the wider cryptocurrency market which gained nearly 3% ahead of the US Federal Reserve interest rate decision.
- Trading volume was weak, falling 6.91% below seven-day averages, and buyers failed to sustain momentum above key levels, keeping TON rangebound between $1.61 and $1.69.
- Technical indicators suggest a slow base-building phase, but TON's price movement is likely to be influenced by today's Fed announcement, with a hawkish tone potentially capping gains.
TON$1.6439 posted a modest 1.6% gain over the last 24-hour period, moving to $1.64, but underperforming the wider cryptocurrency market which, measured via the CoinDesk 20 (CD20) index, rose nearly 3%. The market edged higher ahead of today’s U.S. Federal Reserve interest rate decision.
Trading volume fell 6.91% below seven-day averages, according to CoinDesk Research's technical analysis data model, signaling weak participation from both institutional and retail traders. Despite the quiet session, TON maintained its support above $1.60, a level it has held for several days.
Intraday, TON climbed from $1.6175 to $1.6437 and briefly pushed above the $1.6660 resistance before retreating. The token’s range totaled 4.9% on the day, with notable volume spikes making themselves seen. But buyers failed to sustain momentum above key levels, pointing to a lack of conviction.
Technical indicators show higher lows forming around $1.61 and $1.63, suggesting a slow base-building phase. However, without a significant rise in volume or stronger market-wide sentiment, TON remains rangebound between support at $1.6099 and resistance near $1.69.
The token’s price went up earlier in the month after the rollout of Cocoon, a decentralized AI computer network integrated with Telegram, and the launch of the ston.fi DAO, a governance platform for TON DeFi users.
Traders are watching the Fed’s announcement closely. A surprise hawkish tone could cap gains across risk assets, including TON.
Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.
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